Ilham Aliyev and Turkish Prime Minister Recep Tayyip Erdogan opened a polyethylene factory and started up the construction of an oil refinery in Izmir

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ANKARA, October 25 (Itar-Tass) —— Azerbaijani President Ilham Aliyev and Turkish Prime Minister Recep Tayyip Erdogan opened a polyethylene factory and started up the construction of an oil refinery in Izmir on Tuesday, the Anatolian news agency said on Tuesday.

The refinery will be built on the Aliaga Peninsula. The Petkim Petrokimya Holding A.S. owns the site. SOCAR-Turcas has 75% in Petkim. SOCAR stands for the State Oil Company of the Azerbaijani Republic.

“The project will draw $5 billion investments and will be the largest project in Turkey and the whole world to amass such an investment potential at one site,” Erdogan said. In his words, the refinery will create 10,000 jobs. “The refinery will employ 1,000 people by the time it is put into service in 2015,” he said.

“We have fulfilled large joint projects before. The Baku-Tbilisi-Ceyhan pipeline exports Azerbaijani crude. Gas is supplied through the Baku-Tbilisi-Erzurum pipeline. We have begun the final phase of Project Iron Silk Roads, in which a railroad line will connect Baku to Kars,” he said.

The two leaders also laid the cornerstone of the Heydar Aliyev Technical School. The school will be built not far from the polyethylene factory and the oil refinery, and its students will have a chance to work there.

The Turkish premier thanked Aliyev for the rapid response to the devastating quake in the Van province. Azerbaijan sent 120 rescuers to Turkey on Sunday. “Azerbaijani specialists rescued four people from under the quake debris. In addition, Azerbaijan sent three planes with humanitarian aid [to Turkey],” Erdogan said.

The Turkish-Azerbaijani Strategic Cooperation Council will hold a meeting in Izmir on Tuesday afternoon. Aliyev, Erdogan and members of both governments will take part in it. The meeting is supposed to focus on energy matters.